Property Control System Manual (PCS)

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Effective: 3/1/1984

Revised: 3/1/2019

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PCS 1202: Property Closeout for a Completed Contract/Grant

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Purpose

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To properly handle the property in a contract termination

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Source

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Capital Assets Management (CAM)

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Policy

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Property Control is responsible for performing a final equipment inventory for completed contracts and grants that require a final report.

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Procedure

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The sponsored property coordinator reviews the expenditures for capital equipment purchases for the contract or grant.

If zero dollars were spent in the ASU financial system and zero assets appear in Workday Business Assets, the sponsored property coordinator prepares a Negative Property Report and forwards it to the Grant Contracts Officer.

If dollars were spent on capital assets, the sponsored property coordinator queries the Workday Business Assets and submits a final property report to the Grant Contracts Officer.

If government-owned property is on a final property report, the sponsored property coordinator:

  1. schedules an appointment with the PI for a physical inventory of the equipment
  2. verifies property control numbers (PCNs), model and serial numbers, location, and condition of equipment

     

    and

  3. updates Workday Business Assets, if needed

When disposition instructions are received from the contracting officer, the sponsored property coordinator disposes of the property in accordance with the contracting officer’s letter and updates Workday Business Assets.

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